Minor International Public Company Limited

We do not shy away from difficulties, but we look for means to turn them into opportunities.

Dear Fellow Stakeholders

Following years of prolonged COVID-19 uncertainty, the storm clouds have cleared for many businesses, especially the hospitality operators. Border restrictions eased, unleashing international tourism and corporate travel demand. Opportunely, we at Minor International used the time to shore up our operational and financial foundations, transforming into a more resilient organization, infusing agility into our DNA. We are poised to not only exceed pre- pandemic levels, but to excel faster than our peers in the post-COVID-19 world. Looking ahead, the focus will be on seizing new opportunities that unlock and accelerate our growth and profitability.

We know this competitive and costly operating environment is permanent and ongoing disruptions will continue to take place from time to time. Our teams have shifted their mindset to focus on "tomorrow" which will allow us to deliver growth in all of our key markets around the world.

During 2022, we, together with our partners further expanded our hotel portfolio, opening 17 hotels in Asia, the Middle East, Europe and Latin America. Minor Hotels continued to manifest cross-expansion opportunities across geographies with Anantara, our home-grown brand as a successful example. The presence of Anantara continued to be strengthened in Europe with the rebranding of Anantara Grand Hotel Krasnapolsky Amsterdam and the launch of Anantara Plaza Nice Hotel in France, leading to 7 Anantara hotels in Europe. At the same time, we also brought NH, NH Collection and Tivoli brands to Asia and the Middle East. Furthermore, NH Hotel Group joined the new Discovery Loyalty Program during the year, leveraging on the platform's 21 million members.

The trend towards preventive measures to improve wellness and longevity, apart from a simple spa services is accelerating, Minor Hotels and Bangkok Dusit Medical Services joined hands to launch BDMS Wellness Clinic Retreat at our Anantara Riverside Bangkok Resort to support the rapid growth in wellness tourism. Located on the banks of Bangkok's Chao Phraya river amidst lush tropical gardens, Anantara Riverside offers urban serenity twinned with authentic discoveries, and a preventative healthcare center that offers a wide range of wellness, aesthetic, and health screenings.

For Minor Food, the number of outlets increased by 142 stores to 2,531 restaurants as at end of 2022, the majority of which were the openings of Swensen's, Bonchon and Coffee Journey in Thailand, as well as Riverside in China. Minor Food put importance in strengthening brand recognition, alongside innovative store formats. Burger King debuted the newest flagship store in Bangkok to show the latest and best design and kitchen innovation. It was the first store in Asia that showcases the famous signature flame grilling with a heated locker for improved delivery service. Swensen's continued to add regional flagship stores upcountry with picturesque and locally inspired architecture which went viral and further strengthened brand awareness.

Meanwhile, our Dairy Queen piloted Thailand's very own pop-up store with a fun design, seating service and Instagram-worthy menu, in addition to its traditional kiosk format, to offer creative customer experiences. Apart from organic growth, Minor Food expanded into the beverage retail category with GAGA (Attitude In A Cup) concept, the first acquisition we made after the pandemic. This joint venture transaction of 50.1% stakes will solidify and complement our existing food brand portfolio and we look forward to new business opportunities and accelerated growth of GAGA in Thailand and intemational markets. We also raised our shareholding interest in our iconic UK restaurant portfolio from 74% to 100%, as part of a strategy to secure long-term growth of the Wolseley Group.

2022 also marked a reboot for Minor International's long-term strategy. This year, a new and shorter three-year plan for the period 2022 - 2025 was generated and commits us to achieve high-level strategic and financial objectives.

Looking ahead, a portfolio of strong brands and high-value assets that we have will generate value for us in the long term and offer further cross-expansion opportunities. They will also give us access to global talent and broaden our network of partners in both existing and new territories. Opportunities have been identified in many markets, especially Europe, the Middle East and Asia. Additionally, Minor International will maintain our commitment to further strengthen balance sheet through higher profit generation and acceleration of interest- bearing debt repayment.

Beyond numbers and operations; we are committed to putting emphasis on environmental, social and governance issues as we grow. We are proud to say that Minor is one of the leaders in sustainability standards and we are well positioned to keep ahead. This year, we were awarded a Highly Commended Sustainability Award 2022 for Thai-listed companies with market capitalization of over Baht 100 billion and received "Excellent" CG scoring (5-star) by the Thai Institute of Directors Association (IOD) for the 10" consecutive year. Moreover, we maintained our status in the Dow Jones Sustainability Emerging Markets Index, the FTSE4Good Index, the MSCI ESG Leaders Index and Thailand Sustainability Investment (THSI) by The Stock Exchange of Thailand (SET).

Lastly, I would like to extend my appreciation to all our stakeholders for the support and confidence in the company throughout our journey, especially during the last three years of COVID-19. My sincere gratitude is also expressed to the management team and every team member's dedication and hard work in driving and delivering impressive performance in 2022. I am proud to say that we have already emerged from the crisis ahead of most industry competitors. Stepping into 2023, I look forward to retuming to strong growth and am very excited for another remarkable year.

William Ellwood Heinecke


March 2023